Insurance Archives - Page 11 of 15 - Consumers' Federation of Australia

28 March , 2019

Life insurance code monitoring body delivers report on Australian life insurance industry compliance

Almost 38 million life insurance cover types were in force at 30 June 2018, according to the inaugural Annual Industry Data and Compliance Report compiled by the Life Code Compliance Committee (LCCC). The report is based on information provided by subscribers to the Life Insurance Code of Practice). Death (41%) and total and permanent disability…

16 January , 2019

Insurers wasting opportunities to learn from complaints

Breaches of complaints standards by insurance companies more than doubled to 4,079 in 2017–18, according to an audit released today by the General Insurance Code Governance Committee (CGC). These breaches amount to more than one-third (35%) of the total Code breaches by subscribing insurers. The Independent Chair of the CGC, Lynelle Briggs AO, said consumer…

30 November , 2018

Fairer health insurance

Our health system should empower and support us to live happy and healthy lives. But increasingly, thousands of us are feeling frustrated by high-cost, low-value and overly complex health insurance policies. CHOICE research finds the majority of us don’t feel like we get value from our health insurance and are hit with high costs when…

3 October , 2018

Codes of Practice – Consumers benefit

The following is a guest post by The Code Compliance and Monitoring team, a separately operated and funded business unit of the Financial Ombudsman Service. Unfair treatment of customers by institutions has been under the spotlight at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Beyond the Commission, however, consumer protection…

25 September , 2018

Busy start for life insurance compliance body

The Life Code Compliance Committee has released its inaugural Annual Report today. A copy of the accompanying media release can be found here. The Committee independently monitors subscribing insurers’ compliance with good industry practice, as set out in the Life Insurance Code of Practice (the Code). The Committee’s key purpose is to help…

1 August , 2018

Brokers need formal qualifications and on-the-job training, inquiry finds

Formal education provides a solid foundation for professional practice but alone does not give staff the skills, knowledge and behaviours needed to provide services competently, according to an inquiry undertaken by the Insurance Brokers Code Compliance Committee (the Committee). The inquiry found that staff needed to supplement their educational qualifications with on-the-job support and experience to develop…

4 May , 2017

Insurance Industry Must Act to Stamp Out Poor Investigation Practices

Financial Rights has today called on the general insurance industry to introduce a set of best practice standards for insurance investigations in its Code of Practice. This follows the release of the report titled Investigation of Claims and Outsourced Services by the insurance industry’s independent monitor – the General Insurance Code Governance Committee (CGC). The…

20 November , 2015